How to Gain Real-Time Visibility for CPG Companies
Real-time Visibility Solutions For The CPG Industry / Companies
The consumer packaged goods (CPG) industry is rapidly evolving. With new technologies transforming how customers shop and businesses operate, there is an increasing demand for CPG companies to do more with less and create business value through the use of technology and data.
Technological advancements are creating new consumer expectations and behaviors. To succeed in this industry – with its retail expansion, e-commerce platforms, and quickly changing demographics – CPG companies must match customer wants, reduce chargebacks, embrace globalization, and invest in emerging technologies.
Having a real-time visibility feature in your supply chain tracking software (1) can immensely help in taking your business to new heights.
The objective of real-time visibility is to have real-time data and all the necessary information at your fingertips regarding what’s going on with your business. Having this information will help in guiding the roadmap of any changes that need to be made within your business, such as deciding to ship your products to a different warehouse or packaging your products with a different material.
How Real-time Visibility is Playing a Crucial Role in the CPG Industry?
The greatest negative impact on your supply chain due to lack of real-time visibility is the impact on costs, customer service, and satisfaction.
At the core of every successful business is the ability to see what’s going on at any given time and adapt to challenges or opportunities accordingly. In order to do this, you need a 360-degree view of your business — not just how your products are moving, but also where they’re being sold and how much they’re actually being sold for.
To create the most effective supply chain and logistics management system, CPGs need to have real-time visibility on their shipments. Real-time visibility enables them to make decisions based on actual inventory levels at stores, as opposed to estimates that can be off by several days. The significance of this is that it can help companies avoid out-of-stocks, which cost retailers billions of dollars each year.
Unpredictabilities and increasing demand for full supply chain visibility require the need for new technologies. At present, the most useful technology or discipline for CPG companies to cope up with business challenges is real-time data analytics. There are tons of benefits of real-time data analytics, which is also the fuel behind real-time visibility platforms. When implemented the right way, real-time data analytics can provide CPG companies with the right data at the right time. They can get insights and act on the data instantly.
How Does Real-time Visibility Drive Business Value in the CPG Industry?
Supply chain is the primary driving force of CPG companies.
CPG companies, therefore, need to constantly analyze and review their operations to find existing errors in the operations and improve their business.
Supply chain companies such as Monitor Pro understands clients' challenges and provides business value via technology and fool-proof processes such as real-time visibility and other features.
There are immense benefits of real-time visibility for supply chain managers in CPG companies.
Real-time visibility helps:
- Reallocate track-and-trace teams to more value-add workstreams and get rid of the traditional check calls
- Alert teams to inbound loads and delays
- Manage dock and warehouse personnel more efficiently
- Streamline communications to create a more flexible workforce
- Discover areas with barriers and limitations
- Rectify carriers with a history of poor performance
Having real-time visibility into shipments can lead to reduced costs, increase productivity, and provide better customer service (depending on how your logistics teams are integrated).
Real-time Visibility can Transform your Supply Chain
Real-time visibility is indeed one of the most prominent factors for end to end supply chain integration (1).
Transforming the supply chain function through real-time visibility can help CPG companies in:
1. Creating business agility
As business owners, you must have access to comprehensive B2B transaction lifecycles visibility to make better decisions. Real-time visibility can help you do so.
2. Improving planning and inventory
Monitoring inventory with AI-powered tools results in the accumulation of accurate data. Real-time visibility platforms help you improve the planning and solve all kinds of inventory issues beforehand.
3. Reducing risks and costs
Security-rich, cloud-based solution provides end-to-end visibility. It helps in reducing risk and confusion which is not the case with manual work.
